Southwest Florida Foreclosures: 2010 Year End Review
Posted by Benjamin Dona on Wednesday, January 5th, 2011 at 9:14pm.
The crush of foreclosures in the Southwest Florida real estate market may finally have started to subside as we head into 2011. It seems Lenders only filed 10,669 foreclosure lawsuits in Lee County in 2010, a decrease of 50.8% from the 21,768 filings in 2009. For Collier County, lenders filed 4,452 foreclosure lawsuits, a decrease of 47.2% from the 8,421 filings in 2009. All in all, it's not too bad when you consider we've had over 100,000 foreclosures in the two county areas since January, 2006.
For Lee County, December's 409 foreclosures was an increase from November's 343, but it's still far below the peak of 2,665 reached in October, 2008 after the housing crash caused homeowners and investors to lose properties at a breakneck pace. Collier County faired a little better with 218 filings in December. And, while it was an increase from the 177 filed in November, it was also far below the peak of 1,103 seen in July, 2009.
Foreclosure sales also did well in 2010 in both counties. For Lee, there were 5,239 total foreclosures sold in 2010. In Collier, 2,177 foreclosures left the market. In terms of the overall sales, these numbers represented 33% and 25% of the total sales volume in each county respectively.
If this trend continues (and we believe it will), maybe by the end of 2011 things will really start to turn around here in Southwest Florida.
Only time will tell the tale.
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About the Author
Benjamin Dona is the Broker and Owner of Gulf Coast Associates, Realtors in Bonita Springs, Florida. He holds two advanced degrees, an MBA and an MA, and has an extensive background in both business and marketing. In 1998, he founded Gulf Coast Associates, and formed a group of like-minded Realtor® associates dedicated to offering professional Southwest Florida real estate services by concentrating on information, education and the use of leading edge technologies. He also is a recognized expert on the "Net," a much-quoted and read blog author, and a contributor to both national and international news outlets. Benjamin is a member of the National Association of Realtors, the Florida Association of Realtors, and numerous local real estate boards throughout Southwest Florida.
Contact Benjamin Dona at 239-948-3955
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